Scotland and City of London to collaborate and seize opportunities for business and investment

Showcasing Scotland’s world-class financial services

First Minister Humza Yousaf travelled to London yesterday (Monday, 29 January) to take part in a number of events in partnership with the City of London Corporation, including agreeing an enhanced framework to promote Scotland and London as centres of excellence for financial services.

The latest evolution of the partnership will ensure the benefits of a thriving financial services industry are shared across the UK. It is rooted in the ethos that financial sectors in Scotland and London have much to gain from cooperating and coordinating.

The framework complements ongoing activity to double assets under management in Scotland’s financial services sector to £1 trillion by 2030, thus supporting more jobs, as outlined in Scottish Financial Enterprise’s Growth Strategy.

It will ensure benefits are maximised for Scotland as the Corporation pushes for the UK to be a global centre for nature finance, and targets other shared priority areas including green and sustainable finance, financial inclusion and social mobility.

Long-standing annual engagements will continue – including the annual Burns Supper, hosted on rotation between Scotland and the City of London Corporation since 2020 – ensuring regular promotion of Scotland’s financial sector to UK-wide and international investors in London.

It is part of broader work between the Scottish Government, Scottish Development International, global investors and partnerships – including that with the City of London Corporation. It allows the Scottish Government and City of London Corporation to work together to support the aims of businesses in their respective financial sectors.

First Minister Humza Yousaf said: “Scotland has much to gain from strengthening our relationship with the City of London – by providing access to global investors and collaborating on shared initiatives, we can reap the benefits of a thriving financial services industry for our centres of excellence.

“Outside of London, Scotland both has the UK’s largest financial services centre and is the most attractive location in the UK for foreign direct investment. By working with the City of London Corporation towards shared goals, we can continue to drive that investment, and grow our economy.

“This latest partnership agreement is enhanced in terms of the scope and focus of our ambition, and will ensure our priorities continue to align with those of businesses in the financial sector.” 

City of London Corporation Policy Chairman Chris Hayward said: “The twin financial and professional services sectors of London and Scotland represent a critical part of the UK economy.

“We’ve been delighted to partner with the Scottish Government on a range of issues where we have alignment and shared challenges: in sustainable finance, technology, talent and growth.

“Today’s meetings and Burns Supper represent an opportunity to really explore these areas; to identify areas of complementarity; and determine how we can work together for the benefit of our shared sectors, economies and people.”